Changes in the reporting thresholds under mortgage reporting rules are now reflected in the Small Entity Compliance Guide published by the federal consumer financial protection agency, the agency announced Wednesday.
In April, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending its regulations under the Home Mortgage Disclosure Act (HMDA) that set the permanent threshold for collecting and reporting data about closed-end mortgage loans at 100 loans. That’s up from 25 loans. The rule takes effect July 1.
The final rule also increased the permanent threshold for collecting and reporting data about open-end lines of credit from 100 to 200, effective Jan. 1, 2022, when the current temporary threshold of 500 of open-end lines of credit expires, the agency said.
CFPB said its compliance guide – which the agency systematically updates as new and amended rules are issued – is aimed at highlighting information that financial institutions and those that work with them “might find helpful when implementing the HMDA Rule.” Among other things, the guide outlines within the rule key changes and effective dates, institutional coverage, transactional coverage, reportable data, recordkeeping and reporting, enforcement provisions, and more.